We have a little tree because when we bought it we had a little house. It works well for us up on the coffee table like that though, because then it's out of the reach of one set of little hands (out of two). After a week and many time outs Theo is getting used to looking not touching as well. For the first few days I kept thinking "Is it really worth it with a two year old?". But as with most things the first few days were the hardest, and things have gotten better since then. Worth it.
Nat has strung lights up around the top of room as well. It looks great. And I've made a little nativity that is sitting under the tree.
In lieu of a mantle I've hung our stockings on the bannister. I love stockings. I love that every morning Theo comes out of his bedroom and goes to his stocking and says "Candy. Christmas time. Candy and lollies. This is Theo's one." He's going to LOVE Christmas morning. I also love that stockings (my family tradition) have generally won out over pillowcases (Nat's family tradition). The pillowcases still make the odd appearance.